CEAT's launch should be seen in context of a booming replacement market, which accounts for a whopping 60% of the tyre company's sales.
19 Jan 2024 | 2759 Views | By Shahkar Abidi
In what is a strategic shift for one of India's largest tyre makers, CEAT Ltd. has launched its Sportrad and Crossrad series of steel radial tyres for performance motorcycles in the replacement market.
Ceat is thus targeting a segment that has grown to 2.5-3% of the overall motorcycle tire ...
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In what is a strategic shift for one of India's largest tyre makers, CEAT Ltd. has launched its Sportrad and Crossrad series of steel radial tyres for performance motorcycles in the replacement market.
Ceat is thus targeting a segment that has grown to 2.5-3% of the overall motorcycle tire market, driven by rising demand for high-octane machines.
Lakshmi Narayanan B, Chief Marketing Officer at CEAT stated that the performance segment in the motorcycle market was previously very niche at around 1.2% of the market, but has grown significantly in the last 5-6 years to around 2.5-3% of the overall motorcycle tire market. "It is growing at an extremely fast rate," Narayanan said.
As part of the changing trends, CEAT on its part focusing on addressing the performance segment with multiple products and platforms to meet the diverse consumer requirements in that segment. The company is looking to launch at least three more variants on similar lines in the segment by the end of next fiscal year, he added.
CEAT's launch should be seen in context of a booming replacement market, which accounts for a whopping 60% of the tyre company's sales. With OEMs contributing only 27% and exports bringing in the remaining 13%, the tyre major is betting big on catering to the needs of individual riders seeking an adrenaline rush on their mean machines.
The Sportrad is designed for high speeds and sharp corners, and the multi-terrain Crossrad caters to distinct riding styles. Both boast a steel-belted radial construction for superior handling and stability, a crucial factor for performance-oriented riders.
“Steel Rad series is a testament to CEAT's commitment to innovation and quality. With the Steel Rad series, we are introducing a new era of motorcycle tyres that combine cutting-edge technology with a passion for performance" asserted Arnab Banerjee, MD and CEO, CEAT. "We understand the unique needs of riders with high-performance bikes, and these tyres are designed to meet and exceed their expectations. From extreme lean angles to high-speed stability, every aspect has been meticulously crafted to enhance the riding experience."
The development comes even as the competition in the premium tyre segment strengthening up India's two-wheeler radial tyre market size to grow at a CAGR of around 6.7% during the 2024-30 as per MarkNtel, a data analytics firm. The major factor attributed to the market’s growth is the increased demand for radial tires for replacement purposes in the aftermarket.
CEAT isn't the only one vying for pole position in this high-growth segment. Chennai-based MRF Ltd. launched its steel-braced radials last year, and Apollo Tyres and TVS Eurogrip among others are also in the fray.